For now, though, physical demand has maintained a base of support for the precious metal.
"However, recent gains in gold suggest the beginnings of a big and bullish double-bottom reversal pattern forming on the daily bar chart," Jim Wyckoff, senior analyst at Kitco.com, said in a note. "The gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,450."
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